In today’s world, online fraud is a major concern for financial institutions and banks. With the prevalence of online banking, criminals have become more sophisticated in their techniques of stealing financial information and exploiting customer accounts. Fortunately, banks and other financial institutions are now leveraging technology to detect and prevent online fraud. You can visit Proofid to get more details about online fraud detection.
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Banks are now using various tools such as artificial intelligence (AI) and machine learning to detect suspicious activity on customers’ accounts. AI and machine learning are used to monitor and analyze customer data in order to detect any abnormal activity. For example, AI may be used to detect suspicious patterns of spending, such as unusually large purchases or sudden changes in spending habits, which may indicate the possibility of fraud. AI can also detect if a customer’s device is being used from an unfamiliar location or if the customer’s login credentials have been stolen.
In addition, banks are also using biometric authentication to protect customer accounts. Biometric authentication requires customers to use their fingerprints or facial recognition to access their accounts. This type of authentication can help prevent fraudsters from accessing customer accounts since they would not have access to the customer’s biometric information.
Finally, banks are also implementing two-factor authentication to further protect customer accounts. This requires customers to provide two different forms of identification, such as a password and a one-time code that is sent to their mobile device. This helps ensure that only the customer has access to their account and helps prevent fraudsters from accessing the account.